SEC Sues Four Over Real-Estate Deal

The Agency Accuses Phoenix Firm's Officers of Fraud in Fund Raising
The Wall Street Journal
2009/07/29
BY JOHN EMSWHILLER
The Securities and Exchange Commission filed suit against four individuals for alleged fraud in connection with raising more than $197 million from at least 900 investors nationwide in connection with a Phoenix commercial real-estate venture.
The venture's woes in the past two years were an early sign of troubles in the commercial property market.